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Direxion, one of the leading issuers of leveraged ETFs, announced reverse splits for six of its 3x bear funds. Five of the leveraged products will undergo 1-for-5 reverse splits for shareholders of record after the close of the markets on Wednesday, Feb. 23, 2011.

The funds are:

  • Daily Financial Bear 3x Shares (NYSEARCA:FAZ)
  • Daily Large Cap Bear 3x Shares (BGZ)
  • Daily Mid Cap Bear 3x Shares (MWN)
  • Daily Developed Markets Bear 3x Shares (NYSEARCA:DPK)
  • Daily Semiconductor Bear 3x Shares (NYSEARCA:SOXS)

Additionally, the Daily Small Cap Bear 3x Shares (NYSEARCA:TZA) will undergo a reverse 1-for-3 split. Each of the six ETFs will be assigned a new CUSIP following the reverse splits.

Disclosure: No positions at time of writing.

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Source: Six Direxion ETFs to Undergo Reverse Splits